Palm Beach businesswoman Johnna Pomasan claims the so-called “King of Pants” fashion designer, Alvin Valley scammed her out of $750,000 when she and her husband invested in his brand.
In the lawsuit filed earlier this year, Pomasan alleges Valley convinced the couple to loan his company a total of $640,000, as secured by convertible promissory notes.
But she claims in the court papers that the investor couple learned the company’s common stock was of limited value and, “there was no likelihood of a ‘qualified financing’ event as described in the convertible promissory notes.”
The lawsuit further claims that Valley approached the Pomasans in spring of 2023 with “an alleged business opportunity” relating to his company, Alvin Valley Limited Inc.
“Alvin and AVL falsely represented that the convertible promissory notes would be honored when at all material times, Alvin and AVL has no intention of honoring the convertible promissory notes,” the lawsuit claims.
Additionally, the suit alleges the fashion brand refused to repay the Pomasans, “the principal amount and accrued interest despite the expiration of the maturity date and multiple demands for payment.”
They claim they’ve tried to serve Valley with court papers 17 times, but allege that since April he has been, “purposely evading affidavits,” Pomasan’s lawyer told Page Six.
Pomasan took her battle public earlier this month by announcing via social media that she cut ties with the designer, “after careful reflection.”
“Since 2023, I have worked tirelessly to support Mr. Valley with the aim of elevating his brand. However, despite our dedication and considerable efforts, it became clear that Mr. Valley did not share our values and principles,” she posted.
Pomasan has seemingly received support from the Florida social set.
“I want to express my heartfelt gratitude to everyone who has reached out over the past few weeks… Your encouragement has reinforced my belief in the power of integrity,” she wrote.
She’s also encouraging supporters to contact her lawyer, John Agnetti, to give statements for the judge in the case.
Valley reposted her announcement as part of a video reel set to Madonna’s track, “The Power of Good-Bye.”
“Sometimes is [sic] hard to say goodbye,” he captioned his post.
A source close to the designer confirmed to Page Six, “he has not officially been served the papers,” but insisted, “he’s not evading it by any means.”
The source added, “He travels a lot. Paris, Hamptons. Every time they come, he’s not home. He was in the Hamptons all summer. She could’ve served him there, but she didn’t.”
The insider also chalked up the drama to “investor relations gone bad,” and some Palm Beach socialite jealousy mixed in.
The source speculated that Pomasan is coming after her investment after Valley allowed another Palm Beach socialite, Kara Ross, to host his trunk show at her home.
“[Pomasan] wanted it at her home,” and, “got very jealous and competitive,” they said.
Pomesan, however, blasted the speculation as a “poor attempt at both deflection and diversion.”
She added the allegation, “does not remotely address the real issue which is taking money from me and not living up to his obligations. Trying to name drop Kara Ross is both pathetic and sad.”
A spokesperdon for Valley told us, “because this is an active legal case, Alvin has been instructed not to comment. He hopes that everything will be settled n courts in the weeks to come.”
In the meantime, “It’s still business as usual. The king of pants has just launched his new denim line –which has been doing phenomenal,” the rep concluded.
